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Glencore boosts valuation with profit surge
Mon, 21 May, 2012
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Glencore boosts valuation with profit surge
Thu, 3 Mar 2011, 12:47:00
<b>Glencore</b>, the Swiss commodities giant that is planning a London listing, saw profits soar 2010 as prices for metals and grains soared.

Net income jumped by nearly 40% to $3.8bn, while revenue was up by 45% at $145bn.

Glencore said it: "benefited from stronger metals prices and improving market sentiment in important end-user industries such as automotive and construction."

The better-than-expected results will boost Glencore's valuation ahead of a float. Glencore is thought to be planning listings in London and Hong Kong.

Earlier reports said a London listing could value Glencore, which is based in Switzerland, at as much as $60bn.

A London listing would see Glencore joining the FTSE 100. 

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